Capital Rx Adds Chief Financial Officer with Health Plan Experience

- Former Oscar Health VP of Finance Ari Fischel joins next-gen pharmacy benefit manager Capital Rx to help eradicate the black box of U.S. drug pricing

- Capital Rx three-year CAGR approaches 400% as employers, unions, health plans and the public sector embrace the company's transparent, conflict-free drug pricing model and modern tech

News provided by

Capital Rx

Oct 05, 2021, 10:00 ET

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Capital Rx, a healthtech company changing the way prescription drugs are priced and patients are serviced, today announced that it has hired Ari Fischel as its Chief Financial Officer. Ari brings more than two decades of financial management and strategic planning experience, most recently with Oscar Health. As CFO, Ari will be responsible for driving financial projections and forecasting, managing capital allocation, overseeing P&L performance and leading and growing Capital Rx's finance and accounting teams.

Ari joins Capital Rx as the company approaches a three year compound annual growth rate of approximately 400%, fueled by sustained growth with health plans, employers, municipalities, school districts and unions. With astronomical health care budgets driven by the cost of medications, employer groups are attracted to Capital Rx's marriage of fair and equitable National Average Drug Acquisition Cost (NADAC) pricing with its Clearinghouse Model, which brings undistorted visibility into actual drug unit costs and eliminates arbitrary price variability. Employer groups working with Capital Rx are saving 27% on average when compared to their previous pharmacy benefit manager (PBM).

Prior to engaging with Capital Rx, most employer groups have suffered through years of PBM duplicity. Traditional PBMs maximize their profit at the expense of employers, patients and pharmacies, using medication price distortion tactics like retail markups, juggling clients across MAC lists to game financial outcomes, or charging undisclosed participation fees. In recent years, PBMs began acquiring mail & specialty dispensing assets, allowing them to drive utilization to their pharmacy locations and dispense higher cost medication alternatives to drive their dispensing assets profitability. PBM's also often steer members toward drugs that will generate higher rebates and then fail to pass back the rebates fully to their clients and members.

"Having experience in other key areas of healthcare where transparency rules and regulations dominate, it is hard to believe the chaos that is allowed to continue in the prescription drug marketplace," said Ari. "I'm delighted to join Capital Rx as more and more payers catch on to the promise of ethical and transparent drug pricing. I look forward to working with AJ and the team as the company embarks on the next chapter of its growth journey."

Ari most recently served as Vice President, Finance and Accounting, for Oscar Health, a leading health insurance company. During his five year tenure at Oscar, he helped lay the groundwork for the company's March 2021 initial public offering as its Controller leading the accounting team, driving company operating results and metrics, leading the annual planning process, managing financial projections and forecasting, and more. Prior to Oscar Health, Ari served in senior finance and leadership roles for The Nielsen Company and General Electric.

"We're thrilled to welcome a financial leader of Ari's caliber into the Capital Rx team," said AJ Loiacono, CEO of Capital Rx. "Capital Rx has already delivered the industry's first enterprise pharmacy platform to reduce costs for payers and provide superior service for patients. Ari's extensive financial leadership and healthcare markets experience are a timely addition in helping us expand our growing market share."

About Capital Rx
Capital Rx is built around the mission of changing the way prescription drugs are priced and patients are serviced. A health technology company daring to reimagine the pharmacy benefits industry, Capital Rx is executing on that mission through its Clearinghouse Model® - the first ethical framework for drug pricing. Capital Rx's enterprise pharmacy platform, JUDI™, connects every aspect of the pharmacy ecosystem in one platform, enabling patient engagement, and increasing efficiency to achieve the highest standards of clinical care. For more information, visit www.cap-rx.com.

CONTACT:
Nate Hermes | 646-828-9172
Kimberly Dreisinger | 805-350-4421
[email protected]

SOURCE Capital Rx